HR, Payroll and Benefits News

America Saves Week February 27 - March 4, 2017; Set a Goal. Make a Plan. Save Automatically.

America Saves Week is your opportunity to commit—or recommit—to saving for today and for your retirement.

America Saves is a national campaign that encourages individuals and families to assess their savings and take financial action. The University of Wisconsin is a partner in the America Saves campaign.

Look at the UW’s America Saves website for in-person workshops and interactive webinars, videos, handy tips and information on saving and financial wellness. The easiest and most effective way to save is automatically.

Your UW Tax-Sheltered Annuity 403(b) Program can help you save automatically and invest for your long-term goals. If you already participate in the program, consider increasing your contributions. If you are not a TSA Program participant, sign up today. Through the TSA Program you can invest a portion of your income for retirement on either a pre-tax basis, an after-tax basis (Roth), or a combination of both. The UW TSA Program has no participant fees, no loads or trading fees, and access to low-cost funds, including index funds and many funds with institutional share classes. This provides a tremendous benefit for UW employees.

If you are just getting started in your career, don’t make the mistake of thinking you’ll have plenty of time later to fund your retirement. Starting early is one of the best things you can do to ensure that you set aside enough to fund a comfortable retirement. Read Save Smart–Save Early! to learn about the advantages of putting time on your side to accomplish your savings goals.

Don’t let the prospect of having to decide how to invest your retirement money scare you off. Just participating is more important than selecting the perfect investments. Choose an index fund or a Target Retirement Date Fund – designed to match your age and expected retirement date. These simple options provide an easy way to get started. See the enrollment options at www.wisconsin.edu/ohrwd/benefits/ret/tsa/#enrollment.

Start Small, Think Big. Remember, when you are getting started, no contribution is too small. Even if you only set aside one percent of your salary in the UW TSA 403(b) Plan, that’s an important start. Then, as you are able, increase the amount of your salary that you save each year. This will build your savings.

You can start with only $8 per pay period if you’re paid bi-weekly or $20 per month if you are paid monthly. Over time, your deposits will add up. Even small amounts of savings can help you in the future. Save automatically in the UW TSA 403(b) Program. As millions of savers have learned, what you don’t see you won’t miss.